| Very Personal Loans |
| By Credit Federal |
Published
08/12/2011
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Unsecured Loan
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Very Personal Personal Loan Application Agreement
If you're one of the many Americans who are seeking a bad credit personal loan, here's where you can turn for easy approval.
Since government rules have stifled how creditors may conduct business and adjust interest rates based upon borrower credit scores, there are fewer long term personal loan offers, particularly for high risk people. Until all this gets sorted out and the government realizes that the credit industry should be de-regulated, if you need a large loan with a very long term, consider a person-to-person personal loan from a friend or family member. Such very personal personal loans may be the best option for bad credit and no credit people.
Most high amount, long term personal loans are limited to people with favorable credit scores. Of these, most are secured with some form of collateral.
A popular unsecured personal loan for bad credit is the instant cash advance, yet it offers only a short term repayment period.
And thus the question remains... Where can bad credit people get a long term unsecured personal loan? The best answer may be to borrow from friends and family members. But don't merely approach them with your hands held out and with no promise to repay. Instead, approach them with a repayment agreement already in your hand and you may discover a more agreeable response.
To help you approach for a very personal personal loan, modify our sample agreement letter below:
I, [YOUR FULL NAME], of [YOUR FULL ADDRESS]; herein referred to as 'Borrower', acknowledge that I borrowed [$XXXX] from [LENDER'S FULL NAME] of [LENDER'S FULL ADDRESS]; herein referred to as 'Lender', on [DATE].
I will repay the loan to the Lender in full by [DATE], by making [MONTHLY/WEEKLY/BI-WEEKLY] payments of [$XXXX], starting on [DATE]. Upon the completed payment date, I will have paid a total of [$XXXX] which includes the original borrowed amount of [$XXXX] plus [$XXXX] in [INTEREST/FEES].
I further understand that it is my responsibility to make these payments on time, every time, until the full amount plus [INTEREST/FEES] are repaid, and that the Lender may and shall charge me a $5.00 per day late fee for every day my payment is late.
I also understand that the Lender does not have to accept any other form of payment; including but not limited to, services, goods, or other remuneration in lieu of cash.
I also understand and agree that no amendment can be made to this AGREEMENT without approval by both the Lender and me, and that such amendment(s) must be in writing and signed by both parties.
[YOUR SIGNATURE AND DATE]
[YOUR PRINTED NAME]
[LENDER'S SIGNATURE AND DATE]
[LENDER'S PRINTED NAME]
[WITNESS SIGNATURE AND DATE]
[WITNESS PRINTED NAME]
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